Tax Update

May 2018

Cyprus Tax Department has announced that, as of June 1st 2018, the following taxes, not bearing interest and charges, can ONLY be paid via JCCsmart (website www.jccsmart.com.cy). JCCsmart is a Cyprus portal used to contact payments to various organizations including the Government. This measure follows the successful implementation of the Pay As You Earn (PAYE) tax withheld from employees through JCCsmart.

It is important to know that payments to the below taxes can only be made on or before their deadline as payments with penalties and interest can only be made at the Tax Departmentâ€™s Collection offices located in each District.

Tax

Code

Description

0114

Reduction in Salaries and Wages of the Broader Public Sector

0200

Temporary Income Tax for Individuals and Companies

0300

Self-Assessment of Income Tax for Individuals and Companies

0300

Income Tax (without charges)

0602

Special Contribution for Defence withheld from Interest at source

0604

Special Contribution for Defence on Rental Income

0612

Special Contribution for Defence on Interest Income without deduction at source

0603

Special Contribution for Defence withheld from Dividends at source

0613

Special Contribution for Defence on Dividends without deduction at source

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of discussions in the FinTech industry, being the main method of fundraising
used by startup companies to develop innovative ideas on the Blockchain
technology or other applications using Distributed Ledger Technology (â€śDLTâ€ť).

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